Useful Information
VMS process a BACS run once per week as follows: -
A Remittance Advice will be emailed to the address used on the application form every Thursday. This will include transactions/payments made from the previous Wednesday to Tuesday.
The Funds should reach your bank account on the following Monday (within 2 working days)
The amount credited to your bank will be net (transaction charges already deducted)
To assist with reconciliation, we recommend that you follow the process below.
1. VMS Remittance Advice
You will receive a Remittance Advice by email from VMS every Thursday. This will cover transactions for the previous week (Wednesday to Tuesday).
VMS will make one deposit to your bank account each week, usually on a Monday. Note that if you are are a Trust or Caterer with multiple schools paying into your account, this will be paid as one lump sum.
The Remittance Advice will show the breakdown of the Income received (Sales), Refunds given and the Fees incurred.
The Fees will incur a VAT charge.
The Net amount paid by BACS is the amount that will appear on your bank statement.
Fees will be deducted prior to the settlement.
See the example on the right.
2. SCO Net Settlement Report
If you wish to see a breakdown of the online transactions and charges in SCO for the same period of the VMS Remittance Advice, you can generate a Net Settlement Report:
Note that when a parent makes a payment it will show in SCO and the relevant cost centre straight away. However, the funds will not show on the Net Settlement Report until they have been settled by VMS.
To generate the Net settlement report:
In SCO click on the Reports tab
Select Banking reports
Select Net settlements
Select the required Bank account
Select the required Net settlement (this should match the Invoice No on the Remittance Advice)
Select Display summary only, if required
Click OK
The report is displayed and can be printed, sent by email or exported to Excel if required
The VMS Bank Charges (Fees) will be displayed in the nominated cost centre in alphabetical order.
The Grand total should match the Net amount paid by BACS on the VMS Remittance Advice.
See the example on the right.
3. Check SCO Bank Statement
You can reconcile the VMS Remittance Advice, SCO Net Settlement Report, and your bank statement within SCO. This stage is optional, but it doesn't take long and does complete the audit trail, so it is something that we would recommend.
Note that when a parent makes a payment it will show in SCO and the relevant cost centre straight away. However, the funds will not show in the Check bank statement screen until they have been settled by VMS.
You can reconcile multiple statements simultaneously.
In SCO click on the Banking tab
Select Banking
Click on Check bank statement (bottom middle)
Select the bank account to reconcile against the bank statement
The VMS Deposits will be listed with the VMS Invoice No (see example on the right)
Tick the Present? column when you have matched the Deposit to the Invoice
Repeat for other transactions
Once all items have been marked as Present? click on Save and exit, Yes
Type a name for the bank statement (include the statement number at the beginning), click OK, Yes
The Bank Statement Report is generated
We also recommend that you generate the Income and Expenditure Summary Report for the statement period. Select the option to Reconcile against bank statement. Check the figures and keep this report with the bank statements and bank deposit reports ready for audit
Refunds
Refunds will be included in the VMS Remittance Advice, but if there have not been enough recent transaction payments to cover the amount of the refunds, VMS will invoice you for the negative balance, which can then be paid via BACS.
Useful links
Using SCOPAY with the VMS Payment Gateway
Online Payment Refunds via VMS